Komparativní analýza současné finanční krize a Grűnderské krize z 19. století

Abstract

Creating a comparative analysis between the global financial crisis in 2008-2009 and the Grűnder crisis originated in the 19th century in Austria and Germany is the general objective of the thesis.

The thesis is divided into five chapters. The first chapter is an introduction and the fifth chapter is a conclusion. The second chapter is called the theory of financial crises. The theory of financial crises chapter is devoted to a conception of a financial crisis and to different types of crises, ranging from monetary to systemic. Furthermore, a common formula, causes, consequences, solution effects and models of financial crises including the forecast of financial markets are mentioned in the chapter. The third chapter describes the process of global financial crisis. Moreover, American indebtedness question and impact of financial crisis on stock markets is also included. There is also the point of a securitization and a brief comparison with the crisis at the thirties of 20th century. At the beginning of the forth chapter, the situation of Austria before the Grunder crisis and the Grunder crisis development are described. It is followed by a comparison of selected crises in that case the International development, the role of central banks and the Exchange Rate System are taken into consideration – the 19th and the 20th century separately. After all, the common and different causes and consequences of selected crisis are described. Although the causes of the two crises are basically the same their results differ. Nowadays, we live in another world – that is the main difference of the crisis impact. Actually, the role of central banks and governments is increasing. There is also a discussion about increased regulation of financial markets.